Fewer Americans apply for jobless benefits last week

Hiring sign is displayed in Northbrook, Ill., Sept. 21, 2022. (AP Photo/Nam Y. Huh)

AP Business Writer

WASHINGTON (AP) – The number of Americans applying for unemployment benefits fell last week and remains historically low even as the U.S. economy slows in the midst of decades-high inflation.

Jobless claims for the week ending Oct. 15 declined by 12,000 to 214,000 from 226,000 last week, the Labor Department reported Thursday. The four-week moving average rose by 1,250 to 212,250.

Considered a proxy for layoffs, applications for jobless aid have remained historically low since the initial purge of more than 20 million jobs at the start of the coronavirus pandemic in the spring of 2020.

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